Efficient homeostasis of water and glycerol is a prerequisite for osmoregulation and other aspects of yeasts life. The cellular status of these molecules is often associated with functional presence of aquaporins and aquaglyceroporins. The present study provides a detailed updated analysis of aquaporins and aquaglyceroporins in 47 yeast species. A comprehensive analysis of aquaporins and aquaglyceroporins in 38 strains of Saccharomyces cerevisiae from different ecological niches is also presented. The functionality of specific aquaporins in yeasts has been associated with their adaptation requirements in different environmental conditions. In the present study, various inactivating mutations in aquaporin sequences were found in strains of S. cerevisiae Likewise, several new interesting polymorphisms in aquaglyceroporin sequences of some commercial wine and brewing strains, vineyard and bakery strains were also observed. Conceivably, both in the case of aquaporins and aquaglyceroporins inactivating mutations resulted in competitive advantage in selected environments. Topology and conservation of important regulatory residues within all sequences are also analyzed. We expect that the present review may contribute to establish the functional relevance of aquaporins/aquaglyceroporins for various aspects of yeasts physiology.